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  "documentTitle": "Twist Bioscience (TWST)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-11-15 00:00:00",
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  "notes": "The slide uses a screenshot of the company's career page to support the claim of misclassification.",
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      "text": "Twist’s job postings confirm what its SEC filings bury, that so-called R&D staff are basically manufacturing personnel, as part of what we believe to be a large-scale scheme to misclassify COGS as R&D.",
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      "text": "Screenshot of Twist Bioscience career page showing job filters and listings.",
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      "text": "Twist's job postings confirm what its SEC filings bury, that so-called R&D staff are basically manufacturing personnel, as part of what we believe to be a large-scale scheme to misclassify COGS as R&D, in order to fabricate the gross margins upon which its stock price, fundraising, and survival depend. The jobs page on Twist's website allows one to sort open listings by department, such as R&D, manufacturing, SG&A, etc. We first note the striking imbalance in so-called R&D openings vs. manufacturing ones – 36 R&D postings vs. 24 in manufacturing. We would expect a rapidly growing manufacturing company – particularly one that claims to be in the midst of scaling a “Factory of the Future” - to seek far more manufacturing hires than R&D ones, while in fact the opposite is the case.",
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      "text": "Source: https://www.twistbioscience.com/company/careers/openings; count of current job postings by department is as of 10/28/2022",
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